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I'd like to chime in and say this happened to me for the first time when playing a PS2 game. It happened about a week ago, and was quite scary. Being already out of warranty i stripped the system down and none of the 4 fuses in the Power Supply were blown. I don't know if the Power Supply just had to cool down, or maybe something tripped the internal circuit breaker (like how when you short a molex connector in your PC, you have to unplug the PSU for 3-5 min before it'll work again), but when I put the PS3 back together it powered up fine, and has been working ever since.
Originally Posted by gamecubesuxs
So, in short, if this happens to you (it cuts out with no standby led), unplug all the cables from it for 5-10 minutes then plug it back in, it just may well save you some time and frustration.
Sounds like you just had an overheating issue.
Originally Posted by altimit